Accounting Chapter 11 Vocab
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| General Journal | A journal with two account columns in which all kinds of entries can be recorded.
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| Purchases Return | Credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customers account payable to the vendor.
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| Purchases Allowance | Credit allowed for part of the purchase price of merchandise that is not returned, resulting in a decrease in the customers account payable to the vendor.
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| Debit Memorandum | A form prepared by the customer showing the price deduction taken by the customer for a return or an allowance.
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| Sales Return | Credit allowed to a customer for the sales price of returned merchandise, resulting in a decrease in the accounts receivable of the merchandising business.
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| Sales Allowance | Credit allowed to a customer for part of the sales price of merchandise that is not returned, resulting in a decrease in the accounts in the accounts receivable of the merchandising business.
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| Credit Memorandum | A form prepared by the vendor showing the amount deducted for returns and allowances.
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| Retained Earnings | An amount earned by a corporation and not yet distributed to stockholders.
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| Dividends | Earnings distributed to stockholders.
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| Board of Directors | A group of persons elected by the stockholders to govern a corporation.
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| Declaring a Dividend | Action by a board of directors to distribute corporate earnings to stockholders.
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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